National Bank of Abu Dhabi (NBAD) Car Loan in UAE

About the bank

NBAD or The National Bank of Abu Dhabi is a state owned bank that was established in 1968 in UAE. It is headquartered in Abu Dhabi and has branches in more than 125 countries and is still expanding its global reach. NBAD is a bank with the largest market capitalization among UAE banks - which means that it has the highest market share value which has in turn enhanced its credibility.

You’re probably eligible for NBAD Car Loan if you are

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Salaried or self-employed with regular income

Earn more than the minimum income required

Your NBAD Car Loan amount eligibility is based on these factors

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Loan capped is AED 1.5 million of the Ex-Showroom price of Car value

EMIs of other loans lower your eligibility

Increase your eligible NBAD Car Loan amount by these steps

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Pay off your credit card bills

Choose longer tenure loan up to 5 years

Documentation needed to apply for an NBAD Car Loan

1. Loan Application Form

2. Identity documents (Passport Copy, Emirates ID)

3. UAE Driving License

4. Vehicle Quotation

5. Salary Transfer Letter

NBAD Car Loan Interest RatesUpdated on 09 Dec 2016

NBAD Car Loan Details

Interest Rate (Monthly reducing balance)

5.17% - 7.45%

Processing Fees

1% of the loan amount

NBAD has its reach in countries like Oman, Kuwait, Bahrain, Egypt and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C in the U.S.A and it provides services in sectors such as Loans, Savings, Corporate Banking, Project Finance, Corporate Advisory, Treasury, Leasing, Property Management, Islamic Banking etc.

National Bank of Abu Dhabi Car Loan

NBAD Car Loans is a scheme that assists the borrower in acquiring a car of their choice through simple, customer-friendly procedures which are not time consuming. The highlight of NBAD Car Loans is that it has a low interest rate and offers higher loan amount.

Types of Car Loans offered by NBAD

Now driving away the dream car is just a step away. National Bank of Abu Dhabi offers car loans at competitive rates of interest for salary transfer, non-salary transfer, and self-employed customers. The basic eligibility is that the customer should be a resident of UAE, earning a basic monthly salary of AED 5,000. Expats can also avail the car loan. Here are the details of the different car loans provided by the bank.

Benefits and Features of NBAD Car Loan with non-Salary Transfer

Mentioned below are the benefits and features of NBAD car loan with non-salary transfer:

There is no salary transfer required

Loan amount up to AED 500,000 or 80% of the car value

Rate of interest - 5.62% per annum on reducing loan balance

Maximum loan tenure – 60 months

For Elite Gold Exclusive customers – 50% discount on the processing fees for new car loans

100% financing on car insurance available

Quick and hassle-free loan application and processing

Benefits and Features of NBAD Car Loan with Salary Transfer

Mentioned below are the benefits and features of NBAD car loan with salary transfer:

There is no salary transfer required

Loan amount up to AED 1.5 million or 80% of the car value

Rate of interest - 5.17% per annum on reducing loan balance

Maximum loan tenure – 60 months

For Elite Gold Exclusive customers – 50% discount on the processing fees for new car loans

Quick and hassle-free loan application and processing

100% financing on car insurance available

Benefits and Features of NBAD Car Loan for Self-employed

Mentioned below are the benefits and features of NBAD car loan for the self-employed:

There is no salary transfer required

Loan amount up to AED 500,000 or 80% of the car value

Rate of interest - 7.45% per annum on reducing loan balance

Maximum loan tenure – 60 months

For Elite Gold Exclusive customers – 50% discount on the processing fees for new car loans

Quick and hassle-free loan application and processing

100% financing on car insurance available

Benefits of NBAD Car Loan:

A large loan amount is offered to the applicants. Funds are given for a vast range of cars.

The loan is provided for buying new as well as pre-owned cars.

This loan can be availed by salaried or self-employed people.

The period of repayment is flexible and the term of repayment can come up to 5 years.

Complete financing is provided for car insurance premium.

Loan application process is simple and customer friendly.

50% discount on processing fee is given to Elite Gold clients, which is 0.5% of Loan amount.

Lifetime NBAD Credit Card is pre-approved and provided free of cost.

NBAD bank account with a minimum balance is not mandatory.?

The Bank offers its customers a chance to win up to 100,000 NBAD Stars (reward points) if NBAD Motor Secure Insurance is bought using the NBAD Credit Card.

Eligibility Criteria for a NBAD Car Loan:

This loan can be availed by citizens of UAE as well as resident expatriates who have the required proofs of identity, citizenship, income etc.

Application Process of NBAD Car Loan:

The applicant has to provide the following documents during application:

A copy of the applicant’s passport.

Salaried individuals have to provide Salary certificate/salary transfer letter and proof of income if the individual is self-employed.

In case the customer does not have a NBAD bank account they have to provide bank statements for verification.

Frequently Asked Questions - FAQs

Will I be eligible for National Bank of Abu Dhabi’s Car Loan in case I’m an expatriate?

National Bank of Abu Dhabi (NBAD) provides car loans for both UAE nationals and expatriates. In case you are a resident expatriate you will have to provide a few documents, such as identity, citizenship, and income, as proof to be eligible for the auto loan.

What are the other benefits of availing NBAD’s car finance?

Availing a car loan from National Bank of Abu Dhabi (NBAD) comes with a number of perks such as:

The loan is available for a number of vehicles

The rate of interest is quite competitive in the market, starting as low as 2.49% flat, for new vehicles.

You don’t require a minimum balance in your bank account in case you wish to avail the auto loan

The borrower also receives a pre-approved free NBAD Credit Card with lifetime validity

Is car insurance also provided by the bank?

Yes. NBAD Motor Secure Insurance can be purchased using the NBAD Credit Card. Up to 100,000 NBAD Stars can be won, which are redeemable.

Does National Bank of Abu Dhabi (NBAD) also finance for used or pre-owned cars?

Yes. The loan is available for both new and pre-owned cars. With high loan amounts, the borrower can also avail 100% financing on the car’s insurance premium. The effective rate of interest is calculated at 4.72% per annum on reducing loan balance.

Will I have to visit the bank in order to avail the auto finance?

In case you wish to avail the motor loan for either a new or pre-owned car, get in touch with us and we will set up an appointment for you at your nearest branch. We may also arrange for a bank representative to visit your place, to make the process hassle-free. You will have to provide the following documents:

Passport copy

Salary certificate or salary transfer letter, if you are employed

In case you are self-employed, proof of income

If you are not an existing NBAD customer, you will be required to provide details of your bank statement, where you have an account.

While you are here, you may have a look at these:

Definitely. Almost all the top banks in the UAE offer used car loans as their priority product. And there are two ways in which you can finance a used car, the first being the conventional car loan and the second, the concept of Car Ijarah.

Car Ijarah is another term for Islamic Car Financing in the UAE. It differs a lot from the conventional banking mode and is based on the Sharia principles of the Islamic law. Interest of fee for loans is prohibited in Islamic finance and the same applies for Islamic car finance or Car Ijarah.

Yes, even expats in the UAE can buy the car of their dreams with a car loan. All the leading banks in the UAE offer car loans for the expats. Although, expats need to provide a little more information about themselves in comparison to an Emirati, but still it is an easy business.

The banks in the UAE offer NRIs staying there to apply for a car loan, especially designed for them, in India for their family or for their personal use. The car loans are modified to make it easier for the NRIs to avail the loans.

Yes, you can. The banks in the UAE provide car loans even for buying commercial vehicle(s). Even these offer a wide range of benefits like high range of financing, flexibility of down-payments and longer tenures.

News About NBAD Car Loan in the UAE

National Bank of Abu Dhabi witnesses fall in net profit

The net profit of National Bank of Abu Dhabi fell by 11% in the first quarter of 2016. The decline in net income was fuelled by the act of setting more money aside by the bank for covering bad debt. Lower gains from investments and slowing down of economy also affected the bank's net profit.

Net income of the bank fell to Dh1.27 billion in the 1st quarter compared to Dh1.42bn in 2015 for the same quarter. The net interest of the bank rose to 2.3% and became Dh1.83bn on year-on year basis. Similarly, the net impairment income increased 73% to Dh 295 million compared to Dh170m in 2015 for the same quarter. The non-net interest income of the bank fell by 8.4% and came down to Dh819m.

10th May 2016

Enough reserves for UAE for 15 years

The financial reserve of UAE is enough to fund the public projects and continue at the same levels of public expenditure for the next 10 – 15 years provided the oil prices are at current levels. The oil prices are expected to rebound in the 2017 final quarter. NBAD forecasts that the UAE’s economy will grow by 2.5 – 3% in 2016 despite the low oil prices. The loans and finance products will grow by 3 – 4% in 2016, but the lending will surge. The banks are expected to set additional funds for the doubtful loans.

01st December 2015

NBAD buys out Royal Bank of Scotland’s offshore loan book in India

The National Bank of Abu Dhabi has paid AED 3 billion (USD 816.8 million) to buy out the offshore loan book of the RBS (Royal Bank of Scotland) in India. The news was announced by Alex Thursby, the chief executive of the bank. This too is part of their eventual plan to begin operating in India.

29th October 2015

NBAD to begin operation in India as part of expansion plan

The National Bank of Abu Dhabi has set its eyes on emerging markets and is starting its expansion with starting operations in India. It had be given the license to do so over a year ago and now the bank is entering the market with its initial target being corporates. The eventual plan is to expand into emerging markets like India, China and Egypt but India is at the very heart of the bank’s expansion plans. The eventual plan is to establish at least 8 hubs across the west-east corridor which is currently know have trade values of up to USD 137 billion. Other cities that might see NBAD enter them will include places like Lagos, Washington, Singapore, Hong Kong, London and Paris.

26th October 2015

NBAD - First Bank in UAE to Adopt Equator Principles

Equator Principles, a risk management framework for financing based on risk assessments through environmental and social factors, has a new signee and it is NBAD. The move has made NBAD the first bank in UAE to sign up for Equator Principles. The bank representative, Nathan Weatherstone, head of renewable energy, said that this move was in support of the bank’s core belief in proper lending practices. He also said that this move was part of their plan to concentrate on the renewable energy sector to build a profitable venture in the sector.

Being a part of EP means that NBAD will not service finance for projects that don’t comply with the EP guidelines. Head of citizens for NBAD, Belinda Scott, said that this move will help the bank ensure that its evaluations of social and environmental issues are performed at par with international practices.

22nd September 2015

National Bank of Abu Dhabi group retains its AAA/Stable/P1 ratings from RAM Ratings

RAM Ratings has reaffirmed the AAA/Stable/P1 rating that it had assigned to the National Bank of Abu Dhabi group. The rating was reaffirmed in light of the fact that the group has the backing of the government and is also involved in stable dealing with multiple government businesses all lending to its image of stability. The rating is also a result of the fact that in December of 2014, the NBAD group made AED 5.8 billion in profit before taxes.

Other markers of it performance included the groups 2.9% ratio of the gross impaired loan, which is an improvement on its previous performance at the end of March 2015. The group's core Tier - 1 and capital ratios also stood at 12.7% and 15.5% respectively, further strengthening the stability of the group. For the future, NBAD plans to focus more on businesses related to trade and flow along with private banking.

21st August 2015

National Bank of Abu Dhabi (NBAD) sees a Profitable Q2 in 2015

United Arab Emirates’ largest bank, the National Bank of Abu Dhabi had been in quite a fix since the last financial year. But with an increase in the net profits to 1.45 billion dirhams in the second quarter of 2015, it seems things might be picking up for this lender.

Along with the increase of 1% in the net profit, loans saw a sizable growth by about 20% for the bank. While some of the other products of the bank have suffered minor setbacks, the bank is confident that the backward trend has ended and the growth factor will carry over to the subsequent quarters.

Drops in oil prices and real estate have been attributed to the slowdown faced by many banks. But despite that, National Bank of Abu Dhabi has managed to carve out its special niche of growth.